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by Mike Caswell

Prosecutors in Virginia have asked for a five-year jail term for Michael Randles, a Canadian arrested as part of the massive Moneyline Brokers fraud. The government claims that he knowingly associated with criminals and laundered the proceeds of pump-and-dumps for years, all while doing his best to cover up the activity. A five-year term represents the maximum possible for him.

Prosecutors say that Mr. Randles co-founded Moneyline, a Costa Rican entity that carried out market manipulations and other frauds on the U.S. markets in 2009 and 2010. The firm aided promotional campaigns and sold shares through U.S. brokerages on behalf of others, allowing the perpetrators of stock schemes to remain hidden. The stocks involved included Bryn Resources Inc. (a Toronto company that claimed to be exploring for gold in Nova Scotia) and Everock Inc. (a subpenny mining company that was once domiciled in Ontario). Mr. Randles did not have a trial in the case, as he pleaded guilty to a charge of conspiracy to commit money laundering.

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